We get it — no one loves talking about a slow rental market. But if preschool taught us anything, it’s that honesty is the best policy, right? And honestly, the rental market is looking pretty soft. We're talking as soft as your great uncle’s belly after a second helping of pumpkin pie.
As we look ahead to the rest of 2024 and early 2025, rents are leveling off, and in some places, even dipping. Properties are hanging out on the market longer than we’ve seen in years. So, what does that mean for you? It means you’ve got to step up your game if you want to keep your property in demand.
Here’s how you can stay competitive in this softer-than-usual market:
1. Get the Price Right
There’s no getting around it — price matters. If your rent is even a little too high, your property could sit empty while you lose money. A small adjustment now could save you from losing big down the road. Don’t wait until you’re months into a vacancy to make a move!
2. Make ‘Em Fall in Love
If you’ve been putting off updates, now’s the time to act. Simple improvements such as a fresh coat of paint or updated appliances can make all the difference. In a crowded market, those little touches might be just what your property needs to stand out.
3. Show Off with Great Photos
A picture is worth… well, you get it. Make sure your marketing is top-notch. Great photos, a killer listing, and maximum online exposure are key. And don’t forget that “For Rent” sign in the yard — old-school, but it still works!
4. Be Quick on the Draw
In this market, speed matters. Prospective renters want quick responses and easy access to view the property. Answer inquiries fast, and be ready to show the place at a moment’s notice. The faster you respond, the better chance you have of getting that lease signed.
5. Consider Hiring a Pro
Let’s be real: managing a property in a soft market can be a headache. A great property manager can handle all the heavy lifting — from setting the right price to fielding inquiries and handling repairs. They’ll handle the hard work so you can focus on your family and the other important things in your life.
At Home Forward, we’ve got the experience and the know-how to help you navigate this tricky market. We manage hundreds of properties, so we know what works. If you’re ready to take the stress out of property management, reach out to us below and let us help you get your property rented fast!
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